Bitcoin is a buzzword that has been trending for quite some time. How can you cash in on this trend? Let’s try and answer the question ” How to start a bitcoin business? “.
If you look beyond the regulatory setbacks which hound the future of bitcoin in some countries, the possibilities of cryptocurrencies are quite intriguing. Once the developed nations start accepting cryptocurrencies, other countries would follow suit and It’s already happening in the case of Security Token Offerings (STO) which is deemed legal by the U.S Securities Exchange Committee (SEC).
In certain parts of the world, cryptocurrencies are being actively accepted as a mode of payment for services like accommodation, food etc. It’s only a matter of time that even the skeptics would start using cryptocurrencies. So it’s always good to start early to have the first mover advantage.
How to start a bitcoin business in one week?
That’s a good question. Without understanding the technology how can you start a bitcoin-based business, that too in one week?
There are ready-made software or scripts that are tightly integrated with the bitcoin blockchain to make it easier for your customers and to help you run.
Here are some of the turnkey ready-made scripts to start your Bitcoin-powered business:
Bitcoin lending/borrowing business (Check here )
The Bitcoin lending or borrowing script helps anyone to start a lending and borrowing business by providing the capability to accept bitcoin-based payments from investors who want to multiply their cryptocurrency profits. The bitcoin lending business could promise them an assured fixed sum at regular payout intervals. The overall lending and borrowing experience on the script for the customer is seamless. As an administrator, you stand to make profits off the investments portfolio that you build using the money received similar to how banks operate.
Cryptocurrency Exchange business (Check Here)
More and more Cryptocurrency Exchanges are opening up as the demand for cryptocurrencies increase along with wider adoption. The tectonic shift that happened with eCommerce where the majority of people who were skeptical are now / or have purchased something online, bitcoins are going to see that happen. Having a cryptocurrency exchange that supports certain niche high paying tokens can help you gain seasoned traders and visionaries signing up on your platform. As an administrator, you can make money per transaction is done on the site.
Cloud mining business ( Check Here )
Cloud mining business is a smarter and energy efficient method of mining cryptocurrencies. Rather than wasting resources without any yield, cloud mining utilizes a cloud server to mine cryptocurrencies through a miner software. Cloud mining hosting providers are cost effective. You can even offer Cloud Mining as a Service to other customers who would pay for the service. All it takes is a Dashboard that lets people buy the cloud server configuration through your site, so the mining can be provisioned easily on third-party cloud hosting providers. You can preconfigure each payout and it would automatically be sent to the user’s wallet.
Recommended Reading: How to make money with Blockchain? Read to know more
Bitcoin Wallet (Check Here)
Providing users with the capability to send and receive money/cryptocurrency makes people’s lives easier, better. Integrating it into your already existing business like Car Rental software etc can accept cryptocurrency payments from your users who are willing to pay Bitcoin. Your scope of monetization is from each transaction made. Also, if you have integrated the wallet, the chances of making more sale increases over time.
Bitcoin-based Crowdfunding service script (Check Here)
Some startups these days prefer Crowdfunding. Crowdfunding is a concept where people can fund an idea of their choice if they believe in it. It removes the hurdle of raising capital from venture capitalists. Specific cases have raised more capital through crowdfunding that they planned to raise through angel investors. A bitcoin-based crowdfunding script lets users invest in an idea of their choice by investing in bitcoins. The admin can make money through transaction fees.
What is a Bitcoin?
Bitcoin is a cryptocurrency that was famously created by an anonymous inventor under the Pseudonym Satoshi Nakamoto. According to some visionaries, Bitcoin will be the world’s single currency in 10 years.
How easy is it to start a bitcoin business?
Bitcoin businesses require investment, technology and time. The technology part is handled if you use any of these ready-made scripts, time and strategy are entirely up to you. No business is easy, having the right strategy, software, investment can help you run the bitcoin business profitably over time.
What are the 5C’s of lending and borrowing business with blockchain?
Character, Capital, Capacity, Collateral, conditions. The factor Character is based on his credit history which is based on the promptness of repayment and whether he has cleared the previous loans or chose to settle it for a lesser sum. Capital is the amount of downpayment the borrower pays from his side, this means that the risk factor is lesser for you as a financial institution. Capacity is based on his current income and assessed keeping in mind any other loans he has been paying. Capacity is his financial capacity to pay the loan back. Collateral is the asset that would be mortgaged as an assurance for repayment of the loan, with a collateral it is more easier to secure. Conditions that influence a borrowers profile is the specific use that he has for the loan.
What is a Blockchain?
The blockchain is a distributed ledger technology that powers systems that store indestructible data, they can neither be modified. The use cases of blockchain are across various industries, namely Financial industry, Food and beverages, Art and Supply chain management. People are still exploring ways to incorporate blockchain technology for other use cases as well, the prospects and efficiency of which remains to be seen in the future.
What is a smart contract?
A smart contract is a programmatically coded contract that gets executed by itself when the conditions mentioned in it are met. For example, a smart contract written for an eCommerce scenario executes payment once the product is delivered. There are a variety of applications for it.
I’m a first-time non-tech entrepreneur here, how do I get started with the blockchain technology?
The blockchain is the next big thing and has immense potential. The vast scope of blockchain is still being studied and newer avenues for its use are being considered and gradually implemented. This is the right time for you to start as well. Get in touch with the team that built the product, they could offer you an installation service or if you have a developer in-house, you can use their installation assistance service to guide them.
Let us know in the comments below if you have any bitcoin-based idea so we can feature them.